TheStrategyLab.com Free Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods
It is currently Mon Sep 24, 2018 4:02 pm

All times are UTC - 5 hours




Post new topic Reply to topic Bookmark and Share  [ 1 post ] 
Author Message
 Post subject: November 14th Wednesday TF, 6E & CL Futures $6710
PostPosted: Wed Nov 14, 2012 9:14 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3232
Location: Canada
Image

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Attachment:
111412-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+6710.00.png
111412-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+6710.00.png [ 76.02 KiB | Viewed 90 times ]

click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $230.00 dollars or +2.30 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $6,480.00 dollars or +6.48 points. Total Profit @ $6710.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
CME EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all trades were posted real-time in the free #TheStrategyLab chat room. You can read today's #TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=110&t=1368

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade or position trade.

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=195&t=1654

-----------------------------

Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events via WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trading (day trading, swing trading, position trading) and reactions to the markets...something I can not get from my broker statements alone.

U.S. Market Wrap

Nov. 14 (Bloomberg) -- Bloomberg's Ellen Braitman reports on the performance of the U.S. equity market today. U.S. stocks tumbled, sending the Dow Jones Industrial Average to the lowest level since June, as concern about the budget debate in Washington and an Israeli air strike wiped out an early rally led by technology shares.

Stocks Fall 1% On Mideast Flare-Up, Fiscal Cliff

Attachment:
111412-Key-Price-Action-Markets.png
111412-Key-Price-Action-Markets.png [ 541.16 KiB | Viewed 82 times ]

click on the above image to view today's price action of key markets

NEW YORK (CNNMoney) -- U.S. stocks fell more than 1% Wednesday as fears of turmoil in the Middle East added to ongoing concerns about a fiscal showdown in the United States.

The Dow Jones industrial average fell 185 points, or 1.4%. The S&P 500 lost 1.4% and the Nasdaq declined 1.3%. The Dow ended at its lowest level since June 8.

The selling Wednesday afternoon "centered on geopolitical concerns arising out of events in Gaza," said Ryan Larson, a senior equity trader at RBC Global Asset Management.

Israel launched a series of blistering air strikes Wednesday on what it said are terrorist targets in Gaza. The attacks killed the chief of Hamas' military wing and at least eight others, Israeli and Palestinian officials said. In response, Hamas' military division warned that Israelis had opened "the gates of hell on themselves" with the move.

The strife in the Middle East added to an already gloomy mood on Wall Street, where concerns about the fiscal cliff have dominated the market following the re-election of President Obama. Most investors expect a compromise, but they are not taking any chances until Obama and Republicans in Congress reach a deal to avert the onset of automatic tax hikes and spending cuts that could push the economy into recession.

"There's a real piling-on of concerns today," said Quincy Krosby, a market strategist with Prudential Financial in Newark, N.J.

Before meeting with top CEOs at the White House, Obama said he believes the fiscal cliff is "solvable." Obama stressed that he was unwilling to extend Bush-era tax cuts for wealthy Americans, saying he did not want the burden of balancing the national budget to fall on middle class families.

"I recognize that we are going to have to compromise," Obama said in a news conference. "But as I said on election night, compromise is hard."

Obama said it's possible to imagine a scenario where America goes over the fiscal cliff "if there's too much stubbornness in Congress that we can't even agree on giving middle class families a tax break."

* Buffett not worried about the fiscal cliff

Minutes from the latest Federal Reserve policy meeting also released Wednesday afternoon suggest the central bank will continue to buy assets once its so-called Operation Twist program ends.

Meanwhile, ongoing concerns about the economic and financial crisis in Europe also put the market on edge.

The Greek government has been granted additional time to get its fiscal house in order, but has yet to secure the emergency financing it needs to stay solvent. Anti-austerity strikes were held across Europe as labor groups staged a "Day of Action and Solidarity."

The Bank of England said the U.K. economy may contract further in the fourth quarter, and growth will be subdued for the foreseeable future, as the eurozone crisis dampened demand for exports.

European markets fell Wednesday, as Britain's FTSE 100 lost 1.1%, the DAX in Germany and France's CAC 40 both declined about 0.9%

On the domestic front, the government reported U.S. retail sales fell 0.3% in October, citing a negative impact from Superstorm Sandy. That was slightly worse than the 0.2% decline forecast by economists surveyed by Briefing.com.

Despite the one-time impact of the storm, the report was disappointing, said Joseph Saluzzi, co-head of equity trading at Themis Trading. "Either way, sales are still lower, and that's not good when you're already hanging on a string," he said.

Separately, prices at the wholesale level decreased 0.2%, according to the Producer Price Index report. They had been expected to increase by 0.1% -- led by higher energy and food prices. The Census Bureau said business inventories rose 0.7% in September, slightly better than the 0.6% rise economists had forecast.

* Fear & Greed Index

Asian markets ended higher after paring earlier losses as investors wait for China's Communist Party to confirm its new leaders. The Shanghai Composite edged up 0.4%, the Hang Seng in Hong Kong jumped 1.2%, and Japan's Nikkei ended just above breakeven.

Companies: Shares of Teavana (TEA) surged over 52% after Starbucks (SBUX, Fortune 500) announced plans to buy the tea company for $620 million in cash. Starbucks stock was down over 2%.

Facebook (FB) shares rose more than 12% even though more than 800 millions shares became available to be sold. Like many initial public offerings, Facebook's May 18 debut included a "lockup" agreement that requires some shareholders from selling for a certain period. On Wednesday, some employees and investors got their first chance to sell about 773 million shares, as well as another 31 million restricted stock units.

Shares of retailer Abercrombie & Fitch (ANF) shot up 32% after the company reported sales and earnings that blew past expectations, and raised its full-year earnings guidance above even the most bullish forecasts.

Staples (SPLS, Fortune 500) shares rose after the company beat third-quarter earnings estimates but fell short on revenue.

Cisco (CSCO, Fortune 500)shares rose about 5% after the tech giant reported earnings and sales data that beat analysts' expectations late Tuesday.

Toyota Motor (TM) edged lower after the Japanese automaker announced Wednesday that it is recalling 2.77 million cars worldwide. The recall mainly covers certain Prius models. About 670,000 of the recalled cars were sold in the United States.

* Gold bugs love fiscal cliff fears

Currencies and commodities: The dollar fell against the euro, but rose versus the British pound and the Japanese yen.

Oil for December delivery added 94 cents to end at $86.32 a barrel.

Gold futures for December delivery rose $5.30 to settle at $1,730.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury was unchanged, with the yield holding steady at 1.59%.

Image

Market Update

4:20 pm : Equities began the day on a higher note, but the early strength did not hold past the opening minutes. The S&P 500 marked its session best shortly after the open, and headed lower. The morning slide was accompanied by headlines out of the Middle East, which indicated Israeli forces have killed two top Hamas officials in an operation dubbed "Pillar of Defense." After the first-hour slide, the benchmark average held near the 1,365 level until President Obama held a press conference to further discuss the fiscal cliff. During his remarks, the commander-in-chief said he is "hoping for compromise and hoping for new ideas." The president's statements failed to inspire investor confidence, thus resulting in an afternoon sell-off which saw the S&P 500 settle lower by 1.4%.

Earlier, the Federal Reserve released the minutes from its October meeting. The Committee discussed economic and policy implications from implementing various thresholds that would need to be triggered before the target Federal Funds Rate is increased. Meeting participants deliberated whether such thresholds might usefully replace, or augment the date-based guidance that had been provided in the policy statements since August 2011. Participants generally favored the use of economic variables, in place of, or in conjunction with a calendar date. However, they offered different views on whether quantitative or qualitative thresholds would be most effective. The minutes also indicated that a number of committee members believe the current asset purchasing program will need to be expanded once operation twist ends.

Technology stocks saw narrower losses than the broader market. The relative strength was largely due to a positive quarterly report from Cisco Systems (CSCO 17.66, +0.81), which beat on the bottom line, and reported revenue in-line with expectations. After reporting earnings, Cisco was upgraded at Pacific Crest to ‘outperform' from ‘sector perform.' Other networking shares also benefited from the upbeat earnings. F5 Networks (FFIV 87.50, +0.96), JDS Uniphase (JDSU 11.13, +0.18), and Juniper Networks (JNPR 17.55, +0.20) all gained between 1.1% and 1.6%.

Elsewhere in tech, Advanced Micro Devices (AMD 1.93, -0.16) slid 7.7% after Reuters reported the company has hired JPMorgan Chase to explore its options, which include a possible sale.

Also of note, LinkedIn (LNKD 98.77, -0.49) fell to session lows after Facebook (FB 22.36, +2.50) announced the launch of a jobs page. The move was partially retraced and LinkedIn finished lower by 0.5%. Meanwhile, Facebook settled near its session highs on the day when another 700 million shares held by insiders became available for public trade.

Consumer discretionary stocks traded mostly in-line with the broader market. However, apparel retailers saw strength after Abercrombie & Fitch (ANF 41.92, +10.74) reported strong quarterly results. The company's shares gained 34.5% after beating earnings estimates by $0.27. In addition, the retailer's $1.17 billion in revenue also exceeded expectations. The company topped off the strong report by raising its full-year 2013 earnings guidance above consensus. Abercrombie & Fitch is now above its 200-day moving average, trading at levels last seen in the middle of May.

In the energy sector, coal stocks continued their recent weakness and the Market Vectors Coal ETF (KOL 23.30, -0.48) slid 2.0%. Arch Coal (ACI 6.59, -0.44) lost 6.3% and was a notable laggard. The stock traded at its worst level in a month after testing, and being rejected by its 200-day moving average. Looking at other coal names, Alpha Natural Resources (ANR 7.27, -0.31) slid 4.1% and Peabody Energy (BTU 25.38, -0.84) fell 3.2%.

The Dow Jones Transportation Average underperformed the remaining industrials and lost 2.6%. Airlines saw considerable weakness as Delta Air Lines (DAL 9.56, -0.65) and JetBlue Airways (JBLU 4.97, -0.30) fell 6.4% and 5.8%, respectively.

In today's economic news, the weekly MBA Mortgage Index showed a 12.6% increase in new mortgage applications. This follows the prior week's 5.0% decline.

During September, inventories rose by 0.7%, which was slightly above the 0.6% increase that had been expected by the Briefing.com consensus. This follows prior month's reading of a 0.6% increase.

October retail sales declined by 0.3%, which was slightly worse than the 0.2% decrease that had been broadly expected. The prior month's reading was revised up to show an increase of 1.3%. Excluding autos, retail sales were unchanged, which was below the Briefing.com consensus, which called for a rise of 0.1%.

October producer prices declined by 0.2%, which was cooler than the 0.1% increase that had been widely forecast. Core producer prices slipped 0.2% which was lower than the Briefing.com consensus call of a 0.1% increase.

Tomorrow, weekly initial and continuing claims as well as the October CPI, core CPI, and the Empire Manufacturing Index will all be released at 8:30 ET. Lastly, the November Philadelphia Fed Survey will be reported at 10:00 ET.DJ30 -185.23 NASDAQ -37.08 SP500 -19.04 NASDAQ Adv/Vol/Dec 505/2.03 bln/1962 NYSE Adv/Vol/Dec 331/830.2 mln/2783

3:35 pm : Commodities ended the day mostly higher. Crude oil rallied hard earlier this morning and ultimately rose as high as $86.61/barrel. By the end of the day, Dec crude oil finished almost $1 higher at $86.32/barrel.

Natural gas futures were volatile again, surging higher this morning, but giving up most of those days later in the session. By the time floor trading closed, Dec natural gas finished 3 cents higher at $3.77/MMBtu.

Precious metals also posted a gain. Both Dec gold and Dec silver finished today's session near their session highs. Gold ended $5.60 higher at $1730.00/oz, while Dec silver ended 1% higher at $32.82/oz. Dec copper finished the day 2 cents lower at $3.45/lb.DJ30 -159.40 NASDAQ -30.99 SP500 -16.22 NASDAQ Adv/Vol/Dec 574/1670.0 mln/1885 NYSE Adv/Vol/Dec 380/527 mln/2710

3:00 pm : Heading into the final hour of trade, the S&P 500 is lower by 0.8% as the benchmark average trades near its session low.

Three S&P 500 components are set to report earnings after today's close. The Capital IQ consensus expects Limited (LTD 46.98, -0.33) to report earnings of $0.24 on $2.05 billion in revenue. Meanwhile, NetApp (NTAP 27.40, +1.07) is expected to report $0.48 in earnings and $332.97 million in revenue. Also of note, PETsMART (PETM 65.32, -0.38) is forecast to reveal earnings of $0.63 on $1.62 billion in revenue.

Tomorrow morning, Dollar Tree (DLTR 37.71, 0.00), Gamestop (GME 23.84, +0.58), Target (TGT 61.78, -0.31), and Wal-Mart (WMT 71.27, -0.54) are among the notable names scheduled to deliver their quarterly results.DJ30 -115.10 NASDAQ -20.89 SP500 -11.24 NASDAQ Adv/Vol/Dec 659/1.46 bln/1772 NYSE Adv/Vol/Dec 486/446.2 mln/2577

2:30 pm : The S&P 500 has slid to fresh lows after the Federal Open Market Committee released the minutes from its October policy meeting.

The presentation reviewed simulations from a staff macroeconomic model to illustrate the economic and policy implications from announcing various thresholds that would need to be attained before the Committee would consider increasing the target Federal Funds Rate. Meeting participants discussed whether such thresholds might usefully replace or perhaps augment the date-based guidance that had been provided in the policy statements since August 2011. Participants generally favored the use of economic variables, in place of or in conjunction with a calendar date, in the Committee's forward guidance. However, they offered different views on whether quantitative or qualitative thresholds would be most effective.

The minutes also indicated that a number of committee members believe the current asset purchasing program will need to be expanded once operation twist ends. As a result of these comments, the euro spiked to a session high in a move which has been retraced since. Currently the single currency trades at 1.2755 against the dollar.DJ30 -100.21 NASDAQ -14.90 SP500 -8.50 NASDAQ Adv/Vol/Dec 693/1.35 bln/1721 NYSE Adv/Vol/Dec 556/410.1 mln/2485

2:00 pm : The S&P 500 is lower by 0.4% as it continues to hover near its lows. This comes as the president wraps up his press conference. During his remarks, the president said his top priority is jobs and economic growth. The commander-in-chief also outlined plans to meet with both parties in Congress before the weekend and said he is "hoping for compromise and hoping for new ideas."

The energy sector is lower by 0.3% as it outperforms the broader market. However, coal stocks are continuing their recent weakness and the Market Vectors Coal ETF (KOL 23.47, -0.30) is sliding 1.3%. Arch Coal (ACI 6.68, -0.35) is a notable laggard, which is trading at its worst level in a month after testing, and being rejected by its 200-day moving average. Looking at other coal names, Alpha Natural Resources (ANR 7.47, -0.11) is sliding 1.5% and Peabody Energy (BTU 25.86, -0.36) is down 1.4%.DJ30 -67.50 NASDAQ -9.16 SP500 -5.67 NASDAQ Adv/Vol/Dec 776/1.23 bln/1627 NYSE Adv/Vol/Dec 675/364.5 mln/2350

1:35 pm : The Dow is lower by 0.6% as it continues to trade near its session low.

The Dow Jones Transportation Average is lower by 1.5% as it underperforms the broader market. Shipper Kirby (KEX 55.34, +0.35) is the only advancer within the 20-stock complex. The stock is higher by 0.6% on the day when Overseas Shipholding Group (OSG 1.13, 0.00), which was replaced by Kirby in the transportation average, filed for Chapter 11 bankruptcy protection.

Looking at the biggest laggards within the group, Delta Air Lines (DAL 9.86, -0.34) is sliding 3.4% and United Continental (UAL 20.35, -0.59) is down 2.8%.DJ30 -77.66 NASDAQ -10.60 SP500 -7.02 NASDAQ Adv/Vol/Dec 748/1.13 bln/1639 NYSE Adv/Vol/Dec 610/336.7 mln/2399

1:00 pm : Equities began today's session with marginal gains. The early strength did not hold past the opening 30 minutes as the S&P 500 and Dow turned negative when headlines out of the Middle East indicated Israeli forces have killed two top Hamas officials in an operation dubbed “Pillar of Defense.” The Nasdaq was able to stay in the black for another half-hour before succumbing to the broad market weakness. At midday, the tech-heavy index continues to outperform as it trades lower by 0.4%. Meanwhile, the S&P 500 is down 0.6%.

Technology stocks are seeing narrower losses than the broader market. The relative strength is largely due to a positive quarterly report from Cisco Systems (CSCO 17.78, +0.93), which beat on the bottom line, and reported revenue in-line with expectations. After reporting earnings, Cisco was upgraded at Pacific Crest to ‘outperform' from ‘sector perform.' Other networking shares are also benefiting from the upbeat earnings. F5 Networks (FFIV 90.08, +3.54), JDS Uniphase (JDSU 11.34, +0.39), and Juniper Networks (JNPR 17.88, +0.53) are all up between 3.1% and 4.1%.

Elsewhere in tech, Advanced Micro Devices (AMD 1.99, -0.10) is sliding 4.8% after Reuters reported the company has hired JPMorgan Chase to explore its options, which include the possibility of a sale.

Also of note, LinkedIn (LNKD 97.59, -1.67) fell to session lows after Facebook (FB 21.60, +1.74) announced the launch of a jobs page. The move was partially retraced and LinkedIn is now down 1.7%. Meanwhile, Facebook is holding near its session highs in the $21.65 area on the day when another 700 million shares held by insiders become available for public trade.

Consumer discretionary stocks are trading in-line with the broader market. However, apparel retailers are seeing strength after Abercrombie & Fitch (ANF 39.65, +8.47) reported strong quarterly results. The company's shares trade higher by 26.8% after beating earnings estimates by $0.27. In addition, the retailer's $1.17 billion in revenue also exceeded expectations. The company topped off the strong report by raising its full-year 2013 earnings guidance above consensus. Abercrombie & Fitch is now above its 200-day moving average, trading at levels last seen in the middle of May. Aeropostale (ARO 13.53, +0.47), Gap (GPS 34.02, +0.33), and Urban Outfitters (URBN 36.60, +0.65) are some of the rival names which are benefiting from the strong results. The three stocks are higher by 3.6%, 1.0%, and 1.8%, respectively.

The utility sector is lower by 0.8% after New York Governor Andrew Cuomo began an investigation into the state's utility providers. Governor Cuomo said that a major overhaul of the industry is in order. Within the sector, electric utility providers are broadly lower. FirstEnergy (FE 41.44, -0.66), Northeast Utilities (NU 37.93, -0.29), and Westar Energy (WR 27.78, -0.36) are all down between 1.2% and 1.6%.

In today's economic news, the weekly MBA Mortgage Index showed a 12.6% increase in new mortgage applications. This follows the prior week's 5.0% decline.

During September, inventories rose by 0.7%, which was slightly above the 0.6% increase that had been expected by the Briefing.com consensus. This follows prior month's reading of a 0.6% increase.

October retail sales declined by 0.3%, which was slightly worse than the 0.2% decrease that had been broadly expected. The prior month's reading was revised up to show an increase of 1.3%. Excluding autos, retail sales were unchanged, which was below the Briefing.com consensus, which called for a rise of 0.1%.

October producer prices declined by 0.2%, which was cooler than the 0.1% increase that had been widely forecast. Core producer prices slipped 0.2% which was lower than the Briefing.com consensus call of a 0.1% increase.

The Federal Reserve will release its minutes from the October policy meeting at 14:00 ET.DJ30 -89.76 NASDAQ -12.81 SP500 -8.20 NASDAQ Adv/Vol/Dec 737/1.04 bln/1637 NYSE Adv/Vol/Dec 605/306.3 mln/2392

12:30 pm : The S&P 500 has slid back near its session low, and is currently off by 0.5%.

During the last 15 minutes, shares of LinkedIn (LNKD 98.00, -1.26) fell to session lows after Facebook (FB 21.55, +1.69) announced the launch of a jobs page. The move was partially retraced and LinkedIn is now down 1.3%. Meanwhile Facebook is holding near its session high in the $21.65 area.DJ30 -73.38 NASDAQ -7.10 SP500 -6.32 NASDAQ Adv/Vol/Dec 763/945.3 mln/1570 NYSE Adv/Vol/Dec 666/276.3 mln/2318

12:00 pm : The major averages are maintaining their recent levels and the S&P 500 is lower by 0.3%.

Earlier, Abercrombie & Fitch (ANF 39.92, +8.74) reported strong quarterly results. The company's shares trade higher by 27.3% after beating earnings estimates by $0.27. In addition, the retailer's $1.17 billion in revenue also exceeded expectations. The company topped off the strong report by raising its full-year 2013 earnings guidance above consensus. As a result of today's buying, Abercrombie & Fitch is now above its 200-day moving average, as it trades at levels last seen in the middle of May.

Even though the consumer discretionary sector trades in-line with the broader market, rival apparel retailers are seeing strength. Aeropostale (ARO 13.79, +0.73), Gap (GPS 34.13, +0.44), and Urban Outfitters (URBN 36.58, +0.63) are all up 5.6%, 1.3%, and 1.8%, respectively.DJ30 -47.10 NASDAQ -1.78 SP500 -3.39 NASDAQ Adv/Vol/Dec 836/859.1 mln/1484 NYSE Adv/Vol/Dec 796/248.3 mln/2160

11:30 am : After falling to its session low near the 1,365 area, the S&P 500 has regained three points. The benchmark index is lower by 0.3% as European markets close for the day.

The utility sector is lower by 0.9% after New York Governor Andrew Cuomo began an investigation into the state's utility providers. Governor Cuomo said that a major overhaul of the industry is in order. Within the sector, electric utility providers are broadly lower. FirstEnergy (FE 41.44, -0.66), Northeast Utilities (NU 37.78, -0.45), and Westar Energy (WR 27.78, -0.36) are all down between 1.2% and 1.6%.DJ30 -55.28 NASDAQ -4.91 SP500 -4.65 NASDAQ Adv/Vol/Dec 799/749.9 mln/1469 NYSE Adv/Vol/Dec 757/215.4 mln/2170

11:00 am : The major averages are declining steadily and the S&P 500 is lower by 0.6%.

Earlier headlines out of the Middle East indicated Israeli forces have killed two top Hamas officials in an operation dubbed "Pillar of Defense." Crude oil responded to the news by spiking to $86.55, before giving up a portion of those gains.

Technology stocks are seeing narrower losses than the broader market. The relative strength is largely due to a positive quarterly report from Cisco Systems (CSCO 17.96, +1.11), which beat on the bottom line, and reported revenue in-line with expectations. After reporting earnings, Cisco was upgraded at Pacific Crest to ‘outperform' from ‘sector perform.' Other networking shares are also benefiting from the upbeat earnings. F5 Networks (FFIV 90.02, +3.48), JDS Uniphase (JDSU 11.25, +0.30), and Juniper Networks (JNPR 17.77, +0.42) are all up between 2.3% and 3.8%.

Elsewhere in tech, Advanced Micro Devices (AMD 1.99, -0.10) is sliding 4.8% after Reuters reported the company has hired JPMorgan Chase to explore its options, which include the possibility of a sale.

Also of note, shares of Facebook (FB 21.40, +1.54) are higher by 7.8% as another share lockup expires today.DJ30 -80.96 NASDAQ -12.06 SP500 -7.97 NASDAQ Adv/Vol/Dec 711/631.9 mln/1530 NYSE Adv/Vol/Dec 637/180.1 mln/2275

10:30 am : Crude oil had surged notably higher in recent trade, following reports of an Israeli strike, which took out top Hamas general making the rounds. Dec crude oil rallied as much as $1.42/barrel within 10 minutes to its current HoD of $86.58/barrel. In current action, crude is pulling back and is now +0.8% at $86.07/barrel.

Natural gas has been volatile again today, selling off in recent trade and falling into the red, only to recovered back to its session high.

Precious metals are showing modest gains. Dec gold is +0.1% at $1727.10/oz and Dec silver is +0.4% at $32.61/oz. Dec copper is flat at $3.47/lb.DJ30 -44.09 NASDAQ -1.34 SP500 -3.87 NASDAQ Adv/Vol/Dec 851/691.8 mln/1293 NYSE Adv/Vol/Dec 926/132 mln/1917

10:00 am : Equities have shown little reaction to the latest business inventory data. The S&P 500 is currently flat.

During September, inventories rose by 0.7%, which is slightly above the 0.6% increase that had been expected by the Briefing.com consensus. This follows prior month's reading of a 0.6% increase.DJ30 -4.65 NASDAQ +7.38 SP500 +0.52 NASDAQ Adv/Vol/Dec 1002/294.9 mln/1017 NYSE Adv/Vol/Dec 1206/84.3 mln/1530

09:45 am : The major averages have slipped off their early highs. The S&P 500 is adding 0.2%, while the Nasdaq trades higher by 0.4%.

Looking at the early sector alignment, technology stocks are outperforming as the group trades higher by 0.6%. Within the space, Cisco Systems (CSCO 18.18, +1.33) is advancing 7.9% after reporting first quarter earnings of $0.48, which was $0.02 better than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $11.88 billion represented a 5.5% year-over-year increase, and the figure was reported in-line with expectations. Pacific Crest upgraded Cisco to ‘outperform' from ‘sector perform' after the positive earnings report.

Industrials, materials, energy, and utilities are all showing early weakness as the four sectors trade lower.DJ30 +12.05 NASDAQ +13.94 SP500 +3.13 NASDAQ Adv/Vol/Dec 1147/181.1 mln/792 NYSE Adv/Vol/Dec 1406/622.5 mln/1223

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +15.50. Heading into the open, the S&P 500 futures are adding 0.5% as they point to a higher open.

The risk-on trade appears to be taking hold after the markets received strong quarterly reports from Abercrombie & Fitch (ANF 40.64, +9.46), Cisco Systems (CSCO 18.03, +1.18), and Staples (SPLS 11.76, +0.51).

Major financials which saw considerable weakness over the course of last week are garnering some pre-market interest. Bank of America (BAC 9.40, +0.07), Citigroup (C 36.37, +0.21), and JPMorgan Chase (JPM 40.23, +0.19) are all up between 0.4% and 0.8%.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +11.80. U.S. equity futures have slipped off their pre-market highs, but they continue pointing higher. Currently, the S&P 500 futures are adding 0.3%.

The major Asian bourses finished mostly higher as China's Party Congress concluded its leadership transition. Xi Jinping will take over as President and Li Keqiang will be the next Vice Premier. One notable exclusion from the new government is People's Bank of China Governor Zhou Xiaochuan, who is said to be retiring. Japanese Prime Minister Yoshihiko Noda told officials he wants to dissolve the Diet and hold new elections. Australian data showed Westpac Consumer Sentiment jumped to 5.2% (1.0% previous) while the Wage Price Index slid to 0.7% quarter-over-quarter (0.8% expected, 1.0% previous). Elsewhere, South Korea's unemployment rate slipped to 3.0% (3.1% previous), and its trade surplus narrowed to $3.7 billion ($3.8 billion previous). Finally, India's Wholesale Price Index eased to 7.45% year-over-year (7.96% expected, 7.81% previous).

In Japan, the Nikkei closed unchanged as fractional gains snapped its seven-day losing streak. Sharp was a top performer, climbing 7.2% on reports Intel and Qualcomm are looking to jointly invest as much as JPY30 billion in the struggling company. Financials were mostly lower ahead of their earnings results with Mitsubishi UFJ Financial and Mizuho Financial off 1.4% and 0.8% respectively.

Hong Kong's Hang Seng finished higher by 1.2% as the index gained for the first time in six days. Financials were strong as China Construction Bank, ICBC, and Bank of China all added close to 3.0%. Elsewhere, internet gaming company Tencent Holdings slipped 0.9% after earnings fell short of analyst expectations.

In China, the Shanghai Composite added 0.4% with aluminum-related names leading the advance on reports Beijing is looking stockpile as much as 400,000 metric tons. Chalco lead the sector's advance with a 4.7% gain while Jiaozuo Wanfan Aluminum Manufacturing and Yunnan Aluminum added 3.2% and 2.7% respectively.

European bourses opened in the red, where they currently remain. Earlier reports indicated Greek banks will maintain the same level of emergency central bank aid despite a reduction in the amount of Treasury bills they can offer as collateral. Meanwhile, the Greek statistics authority reported a 7.2% contraction in the country's GDP during the third quarter. Elsewhere, workers in France, Portugal, Spain, and Italy are marching against budget cuts as they take part in the "European Day of Action and Solidary." Looking at the region's economic data, Spanish industrial orders declined by 5.7% year-over-year and the Eurozone industrial production saw a 2.5% month-over-month decline. Both numbers missed expectations as forecasts called for the two figures to slip 1.0% and 1.9%, respectively. Also of note, United Kingdom's unemployment rate inched lower, from 7.9% to 7.8%.

In the United Kingdom, the FTSE is lower by 0.5% and miners are under pressure. Evraz, Eurasian Natural Resources, and Kazakhmys are all down between 2.0% and 5.1%. Among the advancers, AMEC is higher by 2.6% as it leads the index.

France's CAC is off by 0.4% as financials show relative weakness. BNP Paribas, Credit Agricole, and Societe Generale are all down between 0.9% and 1.2%. On the upside, Vivendi is advancing 4.2% after the company reported earnings ahead of expectations and said its full-year results will be better than previously expected.

In Germany, the DAX is down 0.4%. Electric utility provider EON is sliding 3.3% after reports indicated the European Union may implement tighter carbon emission restrictions. Infineon Technologies is the top performer in the 30-stock DAX. The semiconductor manufacturer is surging 6.3% after reporting strong quarterly results, and announcing plans to reduce next year spending.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +13.50. Equity futures continue to trade modestly higher following the latest PPI and retail sales data. The S&P 500 futures are adding 0.4%.

October retail sales declined by 0.3%, which is slightly worse than the 0.2% decrease that had been broadly expected. The prior month's reading was revised up to show an increase of 1.3%. Excluding autos, retail sales were unchanged, which is below the Briefing.com consensus which called for a rise of 0.1%.

Overall producer prices declined during October by 0.2%, which is cooler than the 0.1% increase that had been widely forecast. Core producer prices slipped 0.2% which is lower than the Briefing.com consensus call of a 0.1% increase.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +11.00. U.S. equity futures are modestly higher despite downbeat overseas trade.

Overnight, the global equity markets were generally mixed. Strength in the tech sector provided some support after Cisco Systems (CSCO 18.30, +1.45) reported strong earnings. In China, Xi Jinping and Li Keqiang were officially named to the Chinese central committee. The 25-member Politburo will be set tomorrow, followed by the Standing Committee appointment, which may be reduced to seven members from the current nine. Japan closed roughly unchanged as the Nikkei digested a whirlwind of events. Toyota Motor issued another recall. Sharp gained following reports Intel (INTC 20.45, +0.17) and Qualcomm (QCOM 62.42, +0.29) may invest nearly $400 billion in the company. Also of note, Prime Minister Noda decided to dissolve the Diet on Nov 16, which will set Japan up for another election. Looking at regional indices, China's Shanghai Composite added 0.4% and Hong Kong's Hang Seng advanced 1.2%.

European bourses opened in the red, where they currently remain. Reports indicate Greek banks will maintain the same level of emergency central bank aid despite a reduction in the amount of Treasury bills they can offer as collateral. Meanwhile, the Greek statistics authority reported a 7.2% contraction in the country's GDP during the third quarter. Elsewhere, workers in France, Portugal, Spain, and Italy are marching against budget cuts as they take part in the "European Day of Action and Solidary." Looking at European markets as midday nears, Germany's DAX and France's CAC are both lower by 0.5% while United Kingdom's FTSE is off by 0.6%.

In U.S. corporate news, Cisco Systems is advancing 7.8% after reporting first quarter earnings of $0.48, which was $0.02 better than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $11.88 billion represented a 5.5% year-over-year increase, and the figure was reported in-line with expectations. Pacific Crest upgraded Cisco to ‘outperform' from ‘sector perform' after the positive earnings report.

Abercrombie & Fitch (ANF 39.35, +7.97) is surging 25.6% after beating earnings estimates by $0.27. In addition, the retailer's $1.17 billion in revenue also exceeded expectations. The company topped off the strong report by raising its full-year 2013 earnings guidance above consensus.

Staples (SPLS 11.70, +0.45) is higher by 4.0% after reporting mixed earnings. The office supply retailer exceeded earnings expectations by one cent, while its revenue of $6.35 billion fell short of the expected $6.46 billion. However, the company issued upside full-year 2013 guidance.

The weekly MBA Mortgage Index showed a 12.6% increase in new mortgage applications. This follows the prior week's 5.0% decline.

October retail sales, retail sales ex-auto, PPI, and core PPI will all be announced at 8:30 ET. Also of note, September business inventories and the Federal Reserve Open Market Committee minutes will hit the wires at 10:00 ET and 14:00 ET, respectively.

06:44 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +17.00.

06:44 am : Nikkei...8664.73...+3.70...0.00. Hang Seng...21441.99...+253.30...+1.20%.

06:44 am : FTSE...5754.89...-31.40...-0.50%. DAX...7143.13...-26.00...-0.40%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic Bookmark and Share  [ 1 post ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr